Fitch Ratings – Monterrey – 21 Apr 2020: Fitch Ratings has downgraded and placed on Rating Watch Negative (RWN) the ratings assigned on an international scale to the series of notes issued by Banco Actinver, S.A., Institucion de Banca Multiple, and Grupo Financiero Actinver, acting as trustee under the Fideicomiso Irrevocable y Traslativo de Dominio Numero 2400 (Issuing Trust 2400), as follows:
— Senior Secured A-1 USD for USD100 MM downgraded to ‘BBB-sf’ from ‘BBBsf’, RWN
— Senior Secured A-1 MXN for MXN7,200 MM (MXN 9,050MM including the escrow account) downgraded to ‘BBB-sf’ from ‘BBBsf’; RWN
— Senior Secured A-2 MXN for MXN600 MM (MXN 1,000MM including the escrow account) downgraded to ‘BB+sf’ from ‘BBB-sf’; RWN
The rating actions reflect the downgrade of Mexico´s Local-Currency Issuer Default Rating (LC IDR) to ‘BBB-‘ from ‘BBB’, as well as additional pressures from the coronavirus outbreak and consequences that may arise from as a result from government containment measures and the economic aftermath.
The Mazatlan Post